You really don't see many highways with a collector/express system outside of Toronto anywhere else in the world.
In a nutshell, having a C/E system is good for managing traffic flow on a wide highway as there's less cars weaving through all the lanes. However, it also has a disadvantage. If there's backup or a collision on the collector or express sections, traffic in that section can't use the lanes on the other side until they reach a transfer. On a normal wide highway, traffic would be able to use the other lanes right away.
The 401 is special as it serves local and long distance traffic through Greater Toronto. Anyone who wants to go through the city can just stay on the express lanes do they don't have to deal with local and merging traffic too much. It's a lot easier to travel right through Toronto compared to a city of similar size without a C/E system. There, local traffic will occupy all the lanes whereas on the 401 the express lanes generally are used by few locals, normally just longer distance commuters.
Regarding the 401/407 interchange, as I mentioned earlier it cannot accommodate a C/E system as the 407 overpasses are not long enough. I doubt these bridges will be rebuilt because they're fairly new and it may violate the 407's contract/lease as it will impact their traffic flow.
-That's why you see a proposal for a 10 lane 401 under the 407 with a C/E system on both sides. That's the cheaper method as you don't need to rebuild the 407 overpasses.
-Also, traffic volumes will be lower here compared to under the 427 and there's 10 lanes, not 8 like under the 427.
-It's hard to imagine that just a few years ago there were just 6 lanes under the 427.
Back on topic, its good to hear that progress is commencing well with Hurontario. Hopefully by the spring traffic will be diverted onto the new roads so the old roads can be rebuilt.